should i keep my rental property - Mothering Forums
Forum Jump: 
 
Thread Tools
#1 of 3 Old 11-15-2012, 12:51 PM - Thread Starter
 
llwg's Avatar
 
Join Date: Nov 2012
Posts: 1
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

We just got a loan mod on our rental property.  We owe 206,000.  payments PITI = 1530 a month.  Rental Income 1500 a month.  Tax write offs about 3500 a year.  It is stressful, but breaking even.  A short sale may not be accepted and if not, we will  have lost our renters and the loan mod in the process and end up foreclosing.  What think ye?

llwg is offline  
#2 of 3 Old 11-19-2012, 12:07 PM
 
stephbrownthinks's Avatar
 
Join Date: Feb 2010
Location: Central Coast, CA
Posts: 245
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Sorry no one has responded yet. Its a hard question to answer without knowing your whole financial picture. If you're doing alright otherwise (have savings, not accumulating additional debt), I'd hang on to it. Eventually the market will go up, rental prices will rise, and it'll be a nice investment for you. You don't want a SS/foreclosure on your credit report if you can help it. Then again, if it's causing you constant stress and you're already over extended, I'd probably go for the short sale/foreclosure. How long have the renters been there? When it's time to renew the lease maybe you can raise the rent $50 so at least it's covering the payment?
 

stephbrownthinks is offline  
#3 of 3 Old 11-24-2012, 10:18 PM
 
trekkingirl's Avatar
 
Join Date: Dec 2009
Posts: 1,627
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Why do you want to get rid of it? Sounds to me like someone else is buying you a house? Wish someone would buy me a house!


living with alopecia universalis (google it), learning alongside my children DD 2003blahblah.gif DS 2007fencing.gifDD 2011jog.gif

trekkingirl is offline  
Reply

Tags
Finances

Quick Reply
Message:
Drag and Drop File Upload
Drag files here to attach!
Upload Progress: 0
Options

Register Now

In order to be able to post messages on the Mothering Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
If you do not want to register, fill this field only and the name will be used as user name for your post.
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



User Tag List

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page


Forum Jump: 

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off